Thread: THE ECONOMY: With 1 World Order Came The 1 World Leader

THE ECONOMY
PART 3

By Al Duncan

April 1, 2011
NewsWithViews.com

During the institutional bailout days of 2008, the companies in need of a helping hand—just a bit of liquidity to keep the gears turning—received no less than $9 trillion in overnight loans. Think about that. Perhaps now you can appreciate the scale of our problems.

"The $700 billion Wall Street bailout turned out to be pocket change compared to trillions and trillions of dollars in near zero interest loans and other financial arrangements that the Federal Reserve doled out to every major financial institution," said Sen. Bernie Sanders, the Vermont independent who had authored the provision of the financial reform law that required the disclosure.

Lawmakers demanded disclosure, over the Fed’s initial objections, as U.S. central bankers pushed beyond their traditional role of backstopping banks to stem the worst financial panic since the Great Depression. The Fed posted the data on its website to comply with a provision in July’s Dodd- Frank law overhauling financial regulation.

The U.S. subsidiaries of European financial institutions, led by Zurich-based UBS and Brussels-based Dexia SA, were some of the largest users of a Fed program. The biggest U.S.-based user was bailed-out insurer American International Group Inc. (AIG), at $60.2 billion.

On Dec 1, 2010, Bloomberg reported that the Fed’s emergency lending spanned the global economy, including U.S. branches of overseas banks; corporations such as General Electric Co. (GE), investors like Pacific Investment Management Co. and computer executive Michael Dell—all to the tune of $3.3 trillion.

On Dec 1, 2010, CNBC reported that the U.S. supports the extension and enlargement of the European Financial Stability Fund (EFSF) of $980 billion through an extra commitment of money from the International Monetary Fund. And for those who don’t know, the U.S. is the IMF’s biggest single shareholder, meaning the IMF holds more U.S. taxpayer money than any other country. Moreover the U.S. has committed $175 billion to bailing out the EFSF.

Another program aimed at banks, the Term Auction Facility, helped New York units of non-U.S. firms. For example, Munich- based Bayerische Landesbank borrowed $7 billion in December 2008, while Seoul-based Shinhan Financial Group Co. used $100 million in February 2010.

The data detail the breadth of central bank support that reached beyond banks to companies such as GE, which accessed a Fed program 12 times for a total of $16 billion in commercial paper. The Fed bought short-term IOUs from corporations, risky assets from Bear Stearns and more than $1 trillion in U.S. housing debt.

At Goldman Sachs Group Inc., Wall Street’s most profitable securities firm, borrowing from the Primary Dealer Credit Facility peaked at $24 billion in October 2008. “Without question, direct government support was critical in stabilizing the financial system, and we benefited from it,â€

Well, if there is a single one world leader right now, he must be the Beast and the Antichrist mentioned in the Book of Revelation!